Hostage thriller Take Down is set to get the first round of funding from the Welsh Government’s £30m film investment project.

Shooting for the Pinewood Studios production is reportedly due to start today, with filming to be split between Wales and the Isle of Man.

The announcement follows February’s unveiling of a deal between the Welsh Government and Pinewood – famously the home of the James Bond and Carry On films – when it was revealed brand-new studios were to be built in Cardiff.

The former Energy Centre building at Wentloog will be the setting for the 180,000 sq ft complex, with several top-secret projects already in the pipeline for when Pinewood Wales begins operations later this year.

An estimated 2,000 jobs are due to be created by the new studios, which could inject around £90m into the country’s economy per year according to the Welsh Government. This will pay for the studios’ set-up costs before they are leased to Pinewood for a minimum term of five years.

Economy Minister Edwina Hart described the first film to benefit from the Media Investment Budget as a groundbreaking step for the future of Welsh film-making.

She said: “I am very pleased to see Take Down become the first feature film to receive funding through the Media Investment Budget.

“Wales has a growing reputation for film and television production and, working with Pinewood Pictures, we want to see even more projects coming to Wales.

“Through this new fund we will invest up to £30m into projects brought forward by Pinewood to help create growth and jobs in this industry.”

Pinewood Pictures is the name of the organisation’s investment vehicle due to advise on the process of giving cash to qualifying projects – 50% of which must be filmed in Wales if they are to be eligible.

The £30m pot of funding will be spread out over the next five years, with around seven projects a year to get a share of the cash on offer.

In addition to the 50% filming rule, 40% of project spending must be with Welsh-based creative industry firms and the wider supply chain, from caterers to special effects artists.

An external auditor will be appointed to ensure the projects chosen provide value for money and comply with spending rules.

Steve Christian, director of Pinewood Pictures, echoed the sentiments voiced by Edwina Hart and said the country was securing its reputation within the film industry with the new plans.

He said: “We are delighted to see such immediate results, which is testament to Wales as a first-class filming destination, and the decision by the Welsh Government to create a £30m Media Investment Budget.

“Take Down is a significant milestone which will bring substantial economic benefits to Wales. I am delighted at the part we have played in bringing this production to Wales.”

The film follows several international successes for the country, most recently with hit television series Y Gwyll, or Hinterland, which was filmed in Wales.

It has become recognised as a top filming destination as a result of other high-profile TV shows including Doctor Who and Torchwood, which led to the opening of a new 170,000 sq ft Cardiff Bay BBC studio complex in 2012.

Take Down will be directed by Jim Gillespie, who took the helm for modern horror classic I Know What You Did Last Summer, and was written by Alexander Ignon, who scripted 1996 Mel Gibson thriller Ransom.